Standard & Poor's Ratings Services lowered its underlying rating (SPUR) on Northbridge, Mass.' GO bonds to 'A-' from 'A+', reflecting the significant recent decline in the town's financial position, along with difficulties balancing the fiscal 2007 budget. These factors are somewhat mitigated by the town's: Growing, diverse tax base; and Low debt burden. The town's full faith and credit pledge secures the bonds. Northbridge, with a population of 13,882, is nearly 40 miles west of Boston and 15 miles southeast of Worcester, Mass. The town's financial position has declined significantly in recent years and the fiscal 2007 budget was out of balance by nearly $2.0 million (5.1% of expenditures) until mid-December, about half-way through the fiscal year. Management attributed the
